Tuesday, April 13, 2021

External reserves drop by $1.1bn in one month



The Central Bank of Nigeria says the nation’s external reserves dropped by $1.1bn in February.

The reserves which stood at $36.19bn as of February 1 fell to $35.09bn as of February 26.

The Central Bank Governor, Godwin Emefiele, had earlier said Nigeria’s external reserves at $35bn was sufficient to finance the country’s seven months’ imports.

He added that efforts aree being made to conserve the country’s foreign exchange.